• Sugar broke support zone
• Likely to fall to support level 19.00
Sugar recently broke the support zone lying between key support level 19.50 (low of the previous minor correction (a) from the middle of August), upper trendline of the daily up channel from June and the 38.2% Fibonacci correction of the previous upward impulse from the start of August. The breakout of this support zone accelerated the active impulse wave (c).
Given the deteriorating risk sentiment seen across the commodities markets today – Sugar can be expected to fall further toward the next support level 19.00 (former multi-month resistance level from the end of February).
